In 1975, when Ivan Gomez joined Port of Singapore Authority Employees Co-operative Thrift and Loan Society (which would later be known as Citiport Credit Co-operative) as a member, the world looked very different. He was in his early 20s then, working in the Port of Singapore Authority (PSA), with little more than a modest salary.

“Back then, salaries were low, banks didn’t lend easily, and you certainly didn’t want to turn to loan sharks,” says Mr Gomez, who had started working at a time when colour television sets were making their way into homes. That was a time when the almost two-decade old nation was growing as a global port city, rife with trade and industrial activities. It was also a time when wages were meagre, and banks would turn their backs on men without collateral. “The co-operative was the only place you could go for a loan without collateral.”

The co-operative where Mr Gomez worked at was first founded in 1925, the third co-operative to have sprung up in Singapore, after Singapore Government Staff Credit Co-operative and Singapore Statutory Boards’ Employees Credit Co-operative. It served and still serves the needs of port workers, who played a critical role in keeping the city’s economy running, clearing containers quickly so ships could move on. These include tally clerks, stenographers, accountants, storekeepers, daily rated workers, to list a few.

“You had to show up for work no matter what,” he explains. The regulators and employers, he says, were smart, cognisant that if employees were stuck in debts to loan shark, it would cause a real problem. Credit co-operatives thus became a way to help workers stay employed while combatting illegal moneylending activities. He adds: “In a way, co-ops kept people safe and employed.”

“It was commonly called a loan society back then,” says Mr Gomez, elaborating on the origin of the credit co-operatives. Workers then had little to set aside. Some even had to rely on their weekly or daily pay to make ends meet. “People joined because they needed loans, not because they could afford to save.”

Mr Gomez recalls getting a loan from the co-operative to make the downpayment for his first motorbike, a 70cc Honda Super Cub, which he used to ferry himself to and from work. “Back then, there were no dormitories near the port, and buses weren’t reliable. With the motorbike, I could get home after my shifts without worrying about missing the last bus.”

He also shares that he would sometimes share food with some colleagues, particularly those with larger families, who had to scrimp and save to put food on the table. “These are members who really benefit from the co-operative,” he says.

For most members, loans were never about luxuries. They were for children’s school fees, a down payment on a HDB flat, or, as Mr Gomez puts it with an unflinching honesty, survival. The co-operative also offered bursaries for school-going children and occasional lucky draws for holidays — often the only trips members could afford to take.

In the co-operative’s heydays, there were about 5,000 members. But times have changed. Mr Gomez acknowledges the challenges Citiport now faces, include dwindling membership and a younger generation with less need for co-operatives. He remains hopeful, though pragmatic.

Today, the membership number has shrunk to about 2,000. “The numbers started to drop because people were more well off in the new millennium,” says Mr Gomez, now 67 and still employed with PSA. Other players, like banks, became competitors too. There might even be a time that the credit co-operative may merge, he opines.

“I hope it doesn’t happen.”

Faces of Co-operator is a seasonal column featuring the stories behind co-operative employees and members. Here, we featured Mr Ivan Gomez, a member of Citiport Credit Co-operative.

Words by Sng Ler Jun

Photos by Sng Ler Jun & It's Like Depth